Kyrgyzstan's Mines Set For Growth Amid Rising Gold Prices, Says Cabinet Of Ministers
Date
7/18/2024 3:09:17 AM
(MENAFN- Trend News Agency)
BISHKEK, Kyrgyzstan, July 18 . The rising of
gold global prices is creating favorable conditions for developing
Kyrgyzstan's Gold mines, Akylbek Japarov, Chairman of the Cabinet
of Ministers of Kyrgyzstan, said during a meeting of the collegium
of the Ministry of Economy and Commerce of Kyrgyzstan, Trend reports.
"The price of gold has set another world record, reaching $2,480
per troy ounce. A positive environment is developing for the
exploitation of many of our gold deposits, which previously were
not highly profitable," Japarov said.
The chairman emphasized that the price of gold has increased by
more than 21 percent since the beginning of the year, with
international analysts predicting further demand growth.
"The most important aspect is that the rise in gold prices will
help mitigate the impact of reduced physical production at Kumtor
gold mine. We must accelerate the launch of new industrial
capacities, boost capital investments, and actively utilize
incoming foreign investments in both large international and medium
joint projects," Japarov added.
He also mentioned that a set of measures to stimulate economic
growth would be developed within the next two weeks.
According to the National Statistical Committee of Kyrgyzstan,
the country exported 4.2 tons of gold from January through May
2024, which is a 40 percent increase compared to the same period in
2023, when 3 tons were exported.
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